Analysts stay bullish as EBR’s leadless heart tech finds its beat in the US

• ASX-listed EBR Systems ramps up its WiSE implants across major US heart centres
• Bell Potter and Canaccord raise targets and stay BUY with lofty price targets
• US CMS reimbursement boosts pricing and speeds adoption

Every medtech company dreams of the moment when years of engineering finally meet the real world.

For EBR Systems (ASX:EBR) that moment has arrived, and it’s starting to shift how brokers view the company’s potential.

Both Bell Potter and Canaccord Genuity now have price targets more than double EBR’s current share price, a shift driven by early US adoption and improving economics.

EBR’s WiSE technology is built around a simple but revolutionary idea: cardiac resynchronisation therapy (CRT) doesn’t have to rely on wires.

Traditional CRT uses leads that snake through veins around the heart, and in many patients those veins are too narrow, too obstructed or simply the wrong shape. Leads can fracture, dislodge or fail, leaving patients short of breath and out of treatment options.

WiSE, short for Wireless Stimulation Endocardially, flips that paradigm entirely. Instead of placing wires around the heart, it uses a tiny implant inside the left ventricle, where it receives ultrasound-powered energy and delivers pacing from within, completely leadless.

For the 30% of CRT patients who don’t respond to traditional therapy, this is a potential lifeline.

And that’s the context behind the early commercial results that caught brokers’ attention in EBR’s latest quarterly update.

The US rollout finds its rhythm

EBR’s September quarter marked a meaningful step forward.

Nine commercial WiSE procedures were carried out, taking the total to 12 across nine US states, and most of them came from major, high-volume heart centres.

These weren’t small or fringe hospitals testing something new. They were some of the most influential electrophysiology centres in the US: Cleveland Clinic, Stanford, Naples Heart Institute, MUSC Health, Honor Health and others.

When centres like these move early, the rest of the market tends to follow.

Another important detail also emerged during the quarter.

Doctors weren’t only implanting WiSE on its own. In several cases, they used it together with the new generation of leadless right-ventricular pacemakers, such as Medtronic’s Micra and Abbott’s Aveir.

Using WiSE in combination with these devices gives patients a completely leadless biventricular pacing system, something the US had never been able to offer before.

This level of clinical adoption usually takes years to develop.

The fact that it’s happening in the very first phase of the rollout is one of the clearest signs that WiSE is fitting naturally into how electrophysiologists want to treat complex heart failure patients.

Bell Potter spots an early inflection point

Bell Potter analyst Martyn Jacobs described the quarter as an encouraging step in EBR’s commercialisation arc.

Revenue tripled to US$0.51 million, with gross profit lifting to US$0.22 million.

Importantly, the average selling price (ASP) climbed to around US$53.5k even before reimbursement began on October 1.

Once the Centres for Medicare & Medicaid Services (CMS) approved both inpatient and outpatient reimbursement (including up to US$41,145 per eligible inpatient case), the economics brightened dramatically. Hospitals no longer face the cost barriers that slow medtech adoption.

Jacobs noted that implants per trained physician rose more than 70% during the quarter, and that hospital purchasing agreements doubled to 12.

With 22 physicians trained by September, Bell Potter believes consensus FY26 revenue estimates of US$15.7m look too low, and that upgrades are likely.

As such, Bell Potter has kept its BUY rating and raised EBR’s price target to $2.43 (from current price of $1.07), citing reduced risk and improving real world momentum.

Canaccord eyes a bigger commercial runway

Canaccord’s analysts were similarly constructive, maintaining their BUY rating and $2.48 price target.

Their thesis centres on two leading indicators: physician training and hospital contracts. Both exceeded their internal forecasts.

Canaccord models roughly 416 implants in FY26, generating US$18.7 million in revenue, based on around 20 high-volume centres performing fewer than two implants a month. Early data supports that assumption.

They also noted that EBR’s cash balance sits at US$73 million, enough to support the commercial rollout without immediate capital pressure.

Their long-term view hinges on the company’s Santa Clara manufacturing facility, which they believe will push gross margins above 70% once scaled.

For now, margins are distorted by the impact of previously expensed inventory. They expect margin stabilisation around the third quarter of FY26.

Canaccord’s price target points to potential upside toward $3.21 once adoption and reimbursement data fully derisk the model.

EBR steps into its commercial identity

EBR’s September quarter marks a shift from a company defined by scientific promise to one defined by commercial execution.

Clinicians across the US are beginning to use WiSE in complex and high-need patients, and early utilisation signals suggest a technology that can scale.

The company still has work ahead. Building centres, expanding training, and navigating the pace of adoption, but the early signs are aligned in a way that rarely happens this early in a US medtech launch.

In medtech, the question always comes down to whether clinicians use it, hospitals pay for it, and the economics hold.

For EBR, all three trends are starting to beat in sync.

This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decision.

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